Katarína Oravíková Podoliaková - Global Trends and Chalenges in investment banking (Súčasné globálne trendy a výzvy v oblasti investičného bankovníctva)
Abstract: Investment banking is one of the most dynamic sectors of global finance. Activities of investment banks impact the global economy and are very important to the smooth functioning of capital markets. Thus it is no surprise that the business of investment banking has been subject to a great deal of government regulation around the world. Especially nowadays, investment banks are operating in a rapidly changing and highly regulated environment. Their focus on strategic and operational priorities provides the key to high performance. This paper discusses the major trends and challenges in investment banking industry that we identified in the background of the ongoing macroeconomic developments. We found three areas: responding to regulation, emphasis on the client needs and establishing a new balance, which currently represent the major challenges for globally operated investment banks.
Kľúčové slová/Keywords: investment banking, bank, trends and challenges
JEL: G 21, G 24
str./pp. 413 - 423
Miroslav Grznár - Ľuboslav Szabo - Diferentiation in the Development of Industries during the Period of Crisis (Diferenciácia v rozvoji priemyselných odvetví počas krízového obdobia)
Abstract: The paper deals with the evaluation of development of industry in the Slovak Republic during the period 2005 – 2012 in terms of classification by industries and technology level in the context of development in EU-27 countries. The fastest growth was recorded in high-level technology industries, which were least affected by the crisis. Enterprises responded to the crisis by decreasing the number of employees and also by substantially increasing wages and salaries. Industries with a low level of technology recorded a slower growth; crisis impacts were smaller, and a decline in the number of workers recorded in these industries was stabilised by the end of the period. The development of crisis did not disrupt a smooth growth in wages and salaries in all industries.
Kľúčové slová/Keywords: industry, technology levels of industries, crisis, labour input, gross wages and salaries
JEL: D 01, D 24
str./pp. 424-436
Slavoj Czesaný - Czech Position in International Comparison of R&D Sector Performance (Česká pozícia z hľadiska medzinárodnej komparácie výkonnosti sektora výskumu a vývoja)
Abstract: The aim of this analysis is to identify position of the Czech Republic in international comparison of resources and effects of research, development and innovation. Methodology of the analysis is based on five analytical blocks of indicators covering financial resources, human capital, quality of environment supporting R&D&I advancement, R&D&I outputs and, macroeconomic impacts. The country position in international comparison is identified not only based on individual indicators but also on a composite indicator for each analytical block. In most of scientific and technology development indicators, the Czech Republic is lagging behind the advanced EU countries. The greatest weaknesses of the Czech Republic in comparison with European innovation leaders (Sweden, Germany, Denmark, and Finland) occur in the field of availability of risk capital, cooperation between universities and business sector, patent intensity and, the number of scientific publications per million inhabitants. Current debt and economic crisis hinders progress in Czech research and innovation sector and slows down the processes of real convergence.
Kľúčové slová/Keywords: research sector, financial expenditure, human capital, economic environment, research performance, patent intensity, international comparison, innovation leaders
JEL: O 32, O 38, P 17
str./pp. 437-449
Edward Wiśniewski - Methods of Selection of Investment Projects in Practice of Local Governments (Metódy výberu investičných projektov v praxi miestnych samospráv)
Abstract: The attainment of the development of the local government unit requires a certain investment projects. The decision to implement or reject the investment is a complex process. Since the accuracy of forward-looking decisions depends on the competitiveness of the city or district, investment decisions can be divided into three groups: decisions corrugated rejection or acceptance of a particular investment project, decisions concerning the selection of an investment option among several competing, and decisions about the must unitable development program). In the first part of the article the autor shows the essence of simple statistical methods: the utility value analysis, the synthetic index method and taxonomic methods. In addition the autor presents a method of dynamic comparison of investment project by NPV and IRR. In the empirical part the autor evaluates fundamental investment projects in Baltic Sea spa town Kołobrzeg in Poland. Case study is based on data from the Multi-Year Financial Plan for the years 2013-2018 and the budget 2013. In conclusion, after comparing the results of different methods, you will find considerable variation order of preference of decision-making in the implementation of project, using different methodology of choice. Assessment of the effectiveness of investment projects should be made by applying the package methods, as the simplified point method used so far seems to be too unreliable. The problem, however, presented to the city in Poland, is universal to other European Union countries, including Slovakia.
Kľúčové slová/Keywords: local development, investment project, local government, classification methods
JEL : R 28, R 53, C 61
str./pp. 450-462
Ingrid Brocková - Inovatívna koordinácia na úrovni krajín G 20 (Innovating Coordination on the Level of G 20 Countries)
Abstract: The decisions taken by the G20 summits have been crucial in steering the global economy through the global financial and economic crisis. During the recent years, the G20 has acted firmly and decisively with a sense of urgency and common purpose and has managed to renew the collective G20 spirit. The global objective has been to restore global confidence, support sustainable growth and job creation, and maintain financial stability. Recently, G20 launched two initiatives which would bring the substantive systemic change into tax and tradepolicy. The new initiative of the OECD carried out for the G20 countries – BEPS (Base Erosion and Profit Shifting) sets the new standard for automatic tax information, which is expected to become operational in 2014. The ambition is to create a set of tax rules that are fair and equipped for the modern economy. The goal is to have a competitive tax system that supports investment, jobs and growth. The G20 endorses the Action Plan prepared by the OECD, which includes measures such as forcing companies to pay tax where the sales are made and encouraging more transparency about their tax arrangements. Global Value Chains have become a dominant feature of the world economy, involving countries at all levels of development. The production of goods and services is increasingly carried out wherever the necessary skills and materials are available at competitive costs and quality. This growing fragmentation of production across the borders has important implications for trade and investment patterns and policies and offers new prospects for growth, development and jobs. Both in terms of analytical substance and in terms of the knowledge sharing among the G20 the progress has been achieved in cooperation with the OECD, WTO and UNCTAD.
Over the past years they have worked closely to develop a trade in value-added database, which is the first step in integrating trade measured in value added terms into the international statistical system with providing the evidence-base analysis.
Kľúčové slová/Keywords: G20, inclusive economic growth, tax evasion, profit shifting, global value chains, trade in value added database, transparency
JEL: F 43, H 26
str./pp. 463-473
Božena Hrvoľová - Miloslav Hronec - Teória verzus právna úprava ohodnocovania podnikov na Slovensku (Theory versus Legal Regulations in Valuation of Businesses in Slovakia)
Abstract: In this paper we tried to give several examples of pitfalls in the cases of directly specified procedures in the laws under which experts work on evaluation of properties. Specification is beneficial for the groups of experts who do not have time to study the latest sources of information available (mostly in Anglo-Saxon literature), which generalizes practical experience under the new conditions. Additional application of specific procedures in the law eliminates errors which might be common in the cases of freer regulation. On the other hand, specification of evaluation procedures in law might lead to usage of erroneous and outdated practices. Therefore it would be useful in the preparation of new regulations to seriously consider various options, take into consideration the current knowledge level of experts and consider all pros and cons of specifying of procedures for experts. In our opinion, inspiration for the right level of specification of procedures in the law regulating the activities of experts can be found in International evaluation standards.
Kľúčové slová/Keywords: experts, evaluation of companies, methods of evaluation, free cash flow, continuing value Slovak economy
JEL: K 11
str./pp. 474-482
Elena Šúbertová - Michaela Kinčáková - Pripravenosť študentov manažérskeho zamerania na podnikanie na Slovensku (Readiness of Students of Managerial Studies to Do Business in Slovakia)
Abstract: Currently, there are many universities and high school graduates with the necessary expertise, knowledge and language skills that are appropriate for starting a business. Nevertheless, a substantial proportion of the unemployed are graduates. Slovakia is a country with a very high number of so called nascent entrepreneurs on the one hand, but on the other hand, with the lowest percentage of women entrepreneurs in the European Union. Due to the the speed at which firms go out of business and the low number of women who are willing to bear the economic risk, we investigated the readiness of our students of the field of study Business Management to be entrepreneurs in the Slovak Republic.
Kľúčové slová/Keywords: education, entrepreneurship, small and medium sized enterprises, knowledge, experience, practice
JEL: E 13, B 41
str./pp. 483-493
RECENZIE/REVIEWS
Ivan Laluha
VIDOVÁ, J.: Investície a inovácie v ekonomike.Bratislava: Vydavateľstvo Ekonóm, 2013, 238 s., ISBN 978-80-225-3621-9.
JEL: Y 30
str./pp. 494
Andrea Furková
IVANIČOVÁ, Z. – CHOCHOLATÁ, M. – SURMANOVÁ, K.: Ekonometrické modelovanie. Bratislava: Vydavateľstvo Ekonóm, 2012, 352 s., ISBN 978-80-225-3381-2.
JEL: Y 30
str./pp. 495
Jana Lovíšková
DUPAĽ, A. – MAJTÁN, M.: Manažment projektov v rozvoji podnikov. Bratislava: Vydavateľstvo Ekonóm, 2013, 219 s., ISBN 978-80-225-3591-5.
JEL: Y 30
str./pp. 496
INFORMÁCIE/INFORMATION
EDAMBA 2013 – medzinárodná vedecká konferencia pre doktorandov a mladých vedeckých pracovníkov (EDAMBA 2013 – International Scientific Conference for Doctoral Students and Young Researchers) [Award of the University of Economics in Bratislava for Publication Activity in the Year 2012]
str./pp. 497
Obsah 42. ročníka Ekonomických rozhľadov (2013)
str./pp. 498-502